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Chesapeake Energy (CHK) Stock Climbs on $1 Billion Loan, Oil Prices

NEW YORK (TheStreet) -- Shares of Chesapeake Energy (CHK) were climbing 6.64% to $5.86 mid-Tuesday morning after the company arranged a $1 billion five-year term loan late Monday, CNBC reports.

Chesapeake plans on using the loan to buy back senior notes due between 2017 and 2038.

Goldman Sachs (GS), Citigroup Global Markets (C) and MUFG helped arrange the terms of the loan.

As of June 30, Chesapeake Energy's total debt stood at roughly $8.68 billion.

Separately, oil prices were rising today on news that OPEC production may slip in August following a...